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Old February 28th, 2007, 08:48 PM   #1
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Default Flip This House

Does anyone on these forums watch the show Flip This House or the other show Flip That House? I have watched this show just a couple of times and it really cracks me up at times and boggles my mind. What I mean about why it cracks me up and boggles my mind is that I canít believe how much money some of these people that have bought the homes on the episodes that I watched and how much they actually want in return. I have watched a told of 3 episodes, one of them being a 2 bedroom home that was bought for around $198,000 and after they were finished with the home they wanted to sell it for about $270,000. Another was a 2 bedroom condo that they bought for $250,000 and wanted to sell it for just over $300,000, and the last one was a 2 bedroom home that was bought for $380,000 and they tried to sell it for $430,000. All these homes were not anything spectacular and the square footage was around 980 to 1200 sq.ft.

I have been in the market now for a home for the past two months. I have looked at a ton of classifieds, internet ads, and viewed a view homes. A lot of the homes that I have looked at have had more square footage, look just at good as the homes these people have redone, but the homes I have been looking at have been no higher then $79,900. Now I know in depends on what area you live in will determine the value of a home, but I just think it is mind blowing to buy a 2 bedroom home or condo for $300,000 to $400,000, yet people do.

What really completely blew my mind was when I was channel surfing last night and watched a show called Buy Me and there was a couple trying to sell their 800 square foot apartment and the realtor actually appraised the apartment for over $600,000. I nearly hit the floor when I heard that..lol.
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Old February 28th, 2007, 08:49 PM   #2
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One word: California.
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Old February 28th, 2007, 08:59 PM   #3
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As much as I hate to admit watching HGTV in a public forum, those two shows make my blood boil.

I don't get riled watching sports or yell at Bush during State of the Union addresses, but hearing a homeowner tell the appraiser they invested $5k in a bathroom remodel then have the appraiser tell them that added $15k to the value of the home really makes me want to throw a lamp through the TV.

Flip that house really makes my blood pressure burst. Every show I've watched has gone like this; purchase price $150k, remodeling investment $150k, sale price $625k! Maybe I'm just bitter and jealous. What sucks is that this b.s. isn't confined to California.
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Old February 28th, 2007, 09:02 PM   #4
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One word: California.
Yep. It is all in areas that have outrageous costs of living. My bro in law lives in California and his in laws have a $300,000 house. That same house here you can find for under $110,000.
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Old February 28th, 2007, 09:07 PM   #5
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I bought my house as a foreclosure, put $4k into it and it now appraises at 57k more than I bought it for. So in theory I could turn a ~$50k profit if I sold it for what its worth now.
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Old February 28th, 2007, 09:37 PM   #6
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I've bought and sold alot of houses and the profit margins that have been mentioned here can be made, IF the housing market is good. And it's not right now in this state.
The worst I've ever done was break even, and that was a shitty little single family house in detroit.
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Old February 28th, 2007, 10:21 PM   #7
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hhaha im addicted to that show!!
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Old February 28th, 2007, 10:30 PM   #8
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California my friend. My mom sold my grandma's house for 600k a few years back and it was over 120 years old and had never been remodeled. Still had the original wiring too. Of course there was a pretty big lot on it.
My mom bought a house on the side of Mt. Soledad for 600k, no yard and a driveway of about 10 ft. long. It isn't too big at all, a 2 bedroom with office and it's 2 stories. Obviously no basement. Lived in it for like 3 years now, it's now up to around 1.2 mil. (she had it appraised like a year or so back and they said it was around that price). Of course she has a view of most of the bay and it overlooks Sea World and some other stuff.
She also has my great aunt's house which is around probably 750k-1 mil too because of it's view also. I've been looking for a small house lately to start out on after I get out of this apartment. Nothing too big at all, wouldn't mind a manufactured house. I just want a roof over my cars.
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Old February 28th, 2007, 10:37 PM   #9
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Ah, it's the "My House is Worth What!?" program that chaps my ass. It's on now ....grrrrrrrrrrrrrrrrr
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Old February 28th, 2007, 10:48 PM   #10
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Ah, it's the "My House is Worth What!?" program that chaps my ass. It's on now ....grrrrrrrrrrrrrrrrr

It's like a train wreck. I just can't look away. F'ing home appreciates $250k per year for the past two years. Then, the $150k of needed updates will increase the value by $300k. F'ing punch me in the testicles and call me Nipsy.

Son of a bitch. I'm quoting myself in a god damn HGTV thread. The end is nigh.
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Old March 1st, 2007, 08:31 AM   #11
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hhaha im addicted to that show!!
Yeah, Motrctyman is too!
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Old March 1st, 2007, 11:01 AM   #12
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It is just as bad as the Antiques Roadshow. Appraisals are worthless. It is one person's opinion based on "comparable" sales and listings that have occured in the past. Comparable means that is should be somewhat closely matching the property you are selling. Some appraisers think that it is comparable just because it happens to be in the same state. In areas where real estate has dropped 10-20% in a year, appraisals are still being based on comparable sales without adjusting those figures to reflect the current market reality. Just remember that an appraiser has no financial stake in the accuracy of their opinion beyond the $400 they get paid to drive by your house, MAYBE get out and walk around the outside, and if you are really lucky they may come inside to measure your square footage. Maybe they should have a performance clause. If the appraisal is off by more than 5% of the true market value, they should give you your money back. See how many appraisers remain in the business after that... The only appraisal that is worth a shit is what someone is willing to write you a check for.
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